Christie's denies selling fake painting

Auction house Christies International denied claims on Friday that it knowingly sold New York art dealer Tony Shafrazi a fake Basquiat painting.

Mr. Shafrazi, whose Manhattan gallery boasts works by Andy Warhol and Francis Bacon, filed a $7 million claim in New York state Supreme Court on Sept. 7, alleging that Christies sold him an untitled 1982 painting for $242,000 in 1990, according to Bloomberg News.

Mr. Shafrazi subsequently resold the work in 1991 to customer Guido Orsi, who is also a plaintiff in the case.

The gallery owner is claiming that Christies sold the painting to him after Jean-Michel Basquiat, the artists father, told them the work wasnt genuine.

Messrs. Shafrazi and Orsi are claiming $2 million in damages, based primarily on a spike in Basquiats market value since 1990. They are also seeking $5 million in exemplary damages. The two say they discovered last year that the painting wasnt genuine.

London-based Christies said it believes the case has no merit, according to an e-mailed statement from Christies spokesman Tony Usnik. The auction house declined to comment on how it plans to proceed.

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